Benefits, immediate action for the homeowner.
As a homeowner you should accomplish the following from the onset:
Assess the value of your home. Get an estimate from your selling agent. If you're selling your home yourself, do a thorough analysis of your neighborhood and surrounding area. Don't us last year's prices for today's sale.
Determine all the liens on your property. This would include first, second mortgages, delinquent taxes, special assessments or mechanics liens; anything that will have to be removed from title in a closing.
Understand the costs of selling your home. Your agent should provide you with an estimate of closing costs. You can use a third party (title company, fsbo service or attorney) if you are selling your home on your own.
Finalize your figures. Add up the total amount of liens, obligations and costs against the your home. In sum against the proceeds of a sale, you should end up with a negative number, hence a short sale.
Speak with your lender, regularly. Speak to customer service to locate the loss mitigation department. Make professional contact and give a brief summary of your situation. Talk to the supervisor or manager of the loss mitigation department; this person will have more accurate information.
Understand what your lender wants and their procedures for a short sale. Many lenders may have alternatives and may be willing to work with you by modifying your loan or pursuing other alternatives. It's extremely important to find out what their position up front in order to increase the likelihood that the short sale will occur. 
Don't delay. In a foreclosure, the clock is ticking. Know your timelines and stick to them. Communicate any delays to your lender and all parties involved.
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